Nuvama Wealth Management Ltd. on Thursday issued a clarification after reports said that its majority stakeholder—Asian private equity firm PAG—is looking to pare stake worth $1.2 billion.
"We would like to clarify that no event has occurred that requires the company to make any disclosure under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 at this time," the filing stated.
This comes a day after news agency Bloomberg, citing sources, reported that the Blackstone Inc.-backed PAG is collaborating with financial advisers to conduct a strategic review of its over 54% stake in the Indian wealth management firm.
This review might lead to a partial or full sale of the stake, the sources reportedly said.
Nuvama's shares have declined by around 24% this year, but the stock has still increased by 114% since its listing in September 2023.
The discussions over the potential stake sale are still in the early stages, and PAG may ultimately choose not to proceed with a sale, the report said, citing the sources. Other financial services companies, including global asset managers, have shown initial interest in Nuvama, it added.
Notably, Nuvama offers a range of services including wealth management, asset management, capital markets, and advisory services. Its clientele comprises entrepreneurs, promoters, high-net-worth and ultra-high-net-worth individuals, as well as corporate and institutional investors.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
